Bank Control Of Large Corporations In The United States

"Truly a distinguished piece of work, based on new data that had not been analyzed before. There is an excellent combination of historical perspective, conscientious examination of a great mass of data, and penetrating analysis." --Robert Aaron Gordon, Charter Member of the Brookings Panel on Economic Activity "Contends that since the Second World War, a small number of 'giant, well-established' banks in a few major cities have re-emerged as the major group that controls large corporations. Places the financial control thesis in historical perspective from the Civil War to the present and then examines the control of the two hundred largest U.S. corporations in 1967-69 in terms of owner control, financial control, and no identified center of control. Also comments on the means of exercising control. ... the author finds that a substantial portion of the largest nonfinancial corporations in 1967-69 were under the control of financial institutions; the control is exercised through the ownership of stock and the role of the bankers as creditors of the corporations."--Journal of Economic Literature "Recent empirical evidence, made available through congressional hearings, reveals that large banking groups are exercising substantial influence over nonfinancial corporations. This is accomplished through stockholdings, creditor relationships, and directorship ties. In this excellent historical statistical analysis, Katz assesses the extent and impact of such control in a competitive economy." --Library Journal

Mintz and Schwartz offer a fascinating tour of the corporate world. Through an intensive study of interlocking corporate directorates, they show that for the first time in American history the loan making and stock purchasing and selling powers are concentrated in the same hands: the leadership of major financial firms. Their detailed descriptions of corporate case histories include the forced ouster of Howard Hughes from TWA in the late fifties as a result of lenders' pressure; the collapse of Chrysler in the late seventies owing to banks' refusal to provide further capital infusions; and the very different "rescues" of Pan American Airlines and Braniff Airlines by bank intervention in the seventies.

Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.

In the 1980s, corporate America experienced massive cutbacks and organizational decline after decades of economic growth and dominance. The institutional and ideological changes that were part of the transformation created a new landscape of work and social relations for corporate middle managers. Managing in the Corporate Interest assesses this landscape by examining a large diversified bank that restructured its organizational and personnel policies to meet a new era of corporate competition. Drawing on interviews with managers and personnel management employees, observation of management training seminars, and documentary sources, this book examines the unique mission handed to middle managers to scale back paternalistic employment policies. It also analyzes the intra-management conflict incurred when corporate top managers attempted to disguise their downsizing strategies and refused to acknowledge their own role in creating the bank’s economic crisis. Vicki Smith's work suggests that quick-fix strategies such as downsizing and cutbacks, which dominated corporate profitability strategies in the 1980s, can corrode trust and legitimacy in the workplace. In the long run, such strategies also undermine consent to the current and very necessary transformation of the way American firms do business. Managing in the Corporate Interest contains important lessons about the rise and decline of economic enterprises and provides a wide-ranging look at changes in the management, structure, and production processes of American corporations. Richly documented and accessibly written, this incisive work will appeal to business people and scholars alike. This title is part of UC Press's Voices Revived program, which commemorates University of California Press’s mission to seek out and cultivate the brightest minds and give them voice, reach, and impact. Drawing on a backlist dating to 1893, Voices Revived makes high-quality, peer-reviewed scholarship accessible once again using print-on-demand technology. This title was originally published in 1990.